SOURCE: Central Vermont Public Service

Central Vermont Public Service

May 05, 2009 11:00 ET

CVPS: Rededicated to Customers

RUTLAND, VT--(Marketwire - May 5, 2009) - Reinforcing the company's dedication to customer service and meeting customer expectations, Central Vermont Public Service (NYSE: CV) President Bob Young told shareholders Tuesday that CV's old-fashioned values would benefit all of the company's constituents as it navigates the fragile economy.

"We've been through a lot, yet with each challenge, we forged ahead, using ingenuity and innovation to achieve our goals and set out a standard of excellence," Young said. "Today, we are renowned for providing low-cost, reliable electric service, uncompromised storm and emergency response, and environmental stewardship.

"According to the Edison Electric Institute, we have the lowest rates of any major utility in New England and among the cleanest power portfolios in the nation," Young said. "But our reputation wasn't made overnight. Employees built this solid, dependable company day by day, with each job, with each new customer, in every storm, whether large or small, and with each innovative idea. In many ways, our employees are the guardians of our customers and shareholders alike. We take that responsibility seriously, and today, we rededicate ourselves to being champions of our customers and our place in Vermont."

CVPS will celebrate its 80th anniversary this year, and history was sprinkled throughout the company's annual meeting. It included a short video on the company's decades of service, and highlighted key accomplishments in 2008, when CVPS:

--  Battled an historic December ice storm and earned the Edison Electric
    Institute's Emergency Recovery Award - which it received for the second
    straight year.
--  Implemented a new SAP system to modernize and integrate financial,
    human resource, payroll and materials management systems.
--  Signed a new five-year union contract ratified by employees on the
    first vote.
--  Met or surpassed all 17 of its service quality standards, making 2008
    the fourth year in a row CVPS realized this result - which no other utility
    in Vermont has done.
    

Young said CVPS faced several challenges -- including economic impacts of the recession, credit challenges, replacing two-thirds of the company's power supply over the next few years, creating shareholder value and meeting customers' ever-growing expectations.

"These challenges could be perceived as daunting," Young said, harkening back to a series of accomplishments in CVPS's first 80 years. "Instead, we view them as goals to be achieved, as our predecessors have successfully done before us. To those who are concerned with what the future may hold, we see the vast opportunity it presents, and we have a simple, straightforward plan to achieve it.

"We rededicate ourselves to being the guardians of our customers, providing exceptional, reliable and safe service at a reasonable cost. We will respond quickly and safely, demonstrating the same care, concern and candor that customers have come to expect from us over the past 80 years."

Young said despite the trying economic times, CVPS would focus on improved customer service and reliability through investments in distribution and transmission infrastructure and CVPS SmartPower™, a planned meter improvement program; develop clean, renewable and affordable energy supplies including CVPS Cow Power™ and solar projects; and continue to support its host communities through Shareheat, community-giving grants and community service projects.

"I believe this is what anyone would want from their electric utility in these times, or in any other: innovation that enhances our stability and reliability for customers; determination to do the best work at a fair price; dedication to doing what's right for our state," Young said. "These are the principles on which this company was built, and by following this philosophy, I believe we will continue to grow and thrive for the next generation of Vermonters who will become our employees, our customers and our shareholders."

Contact Information

  • Contact:
    Steve Costello
    (802) 747-5427 work
    (802) 742-3062 pager